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The DOJ sues Visa for locking out rival payment platforms
Visa’s dominance affects “the price of nearly everything.”
The Department of Justice has filed an antitrust lawsuit against Visa, alleging that the financial services firm has an illegal monopoly over debit network markets and has attempted to unlawfully crush competitors, including fintech companies like PayPal and Square. “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” US Attorney General Merrick Garland said in a statement. The following year, OnlyFans announced (before ultimately abandoning) a ban on “explicit sexual content,” citing payment processors’ reticence to work with the website because of its reputation as a porn platform.
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